Medical Device Market to Reflect a Holistic Expansion during the Assessment Period 2021–2027
Medical Device Market to Reflect a Holistic Expansion during the Assessment Period 2021–2027
The global medical device market is expected to grow USD 630.3 billion in 2027 from USD 436.2 billion in 2020 and register a CAGR of 5.4% from 2021 to 2027.

Medical Device Market to Reflect a Holistic Expansion during the Assessment Period 2021–2027


The global medical device market is expected to grow USD 630.3 billion in 2027 from USD 436.2 billion in 2020 and register a CAGR of 5.4from 2021 to 2027The medical device industry is being transformed by technological advancements, expanding the number of connected medical devices accessible on the market while also enhancing their role in healthcareThe scenario of device connectivity is evolving due to advancements in wireless technologies, smaller devices, and computer powerMedical device data is being gathered, analyzed, and shared with healthcare organizations, resulting in better patient outcomes, lower costs, and an extra income opportunityIntegrating and presenting patient data correctly can only assist MedTech thrive in the future.

Depending on the device, market dynamics for pricing medical devices might be rather variableConventional surgical equipment, such as surgical gloves and other common surgical supplies, is competitiveThese products are regarded as interchangeable goods. Companies compete intensely on pricing, and to be successful; they frequently require huge sales volumesIn contrast, markets for advanced items like implantable medical devices, like their pharmaceutical equivalent, are protected in mysteryAdvanced device markets are more difficult to get and less competitive, enabling device manufacturers to demand higher costs and make significant profits.

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Changing government regulations and policies for the manufacturing of medical devices are all elements in the political sphere that could impact the medical devices marketA change in regulations may call for higher spending on devicesThe government at the global level is focusing on more budgets, boosting growth in the long termMedical device regulation in the EU is governed by three EU council directives 90/385/EEC on active implantable medical devices, 93/42/EEC on medical devices, and 98/79/EC on in vitro diagnostic medical devices.

COVID-19 Impact on the Global Medical Device Market

The global economy was devastated by the epidemicBecause of the lockdown and stringent controls implemented by governments during pandemics to stop the virus from spreading, manufacturing facilities witnessed a drop in output capacityThe FDA announced that it would suspend normal inspections of food, drugs, and medical devices in other countries, citing the virus's global spreadGlobal sourcing of high-tech products, such as respiratory ventilators and related equipment, has turned into a raceIn 2019, the US imported $22 billion of high-tech medical equipment, such as CT scanners, ultrasound machines, patient monitors, and X-ray machines, to diagnose and treat patientsThe effects of COVID-19 and related actions to control its spread have negatively impacted certain market players' businesses, beginning in the last few weeks of March 2020For instance, Johnson & Johnson Services, Increported revenue of USD 23.0 billion in 2020, a decrease of 11% from 2019Another serious medical device manufacturer, Medtronic, had a 5.drop in sales in the fiscal year 2020 and a substantial 26 drop in the fourth quarter of 2020, compared to 2019On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic, and governments worldwide mandated orders to slow the transmission of the virusMany jurisdictions declared states of emergency, and countries worldwide took steps to restrict travel, instituted work from home policies, enacted temporary closures of businesses, issued quarantine orders, and took other restrictive measures in response to the COVID-19 pandemicUncertainty concerning the economic effects of the pandemic and the restrictive policies to mitigate its spread have introduced significant volatility in the medical devices marketsCertain markets have reopened while others remain closed or have closed again to control the spread of the virus.

Global Medical Device Market Dynamics

DriversSurging incidence of chronic diseases

Adopting sedentary lifestyles and irregularity in routine healthcare checkups in emerging and developed countries increases lifestyle-related chronic diseases such as obesity, neuro-based diseases, heart disease, diabetes, and many moreFor instance, according to the American Heart Association, the number of deaths due to cardiovascular diseases was 17.6 million in 2016 and is projected to rise to over 23.6 million by 2030Also, as per Global Health Data Exchange, the number of neurological disorder cases registered in Singapore was 2,065,419.9 in 2017 and has risen to 2,075,898.7 in 2019Such a rise in chronic disease worldwide is driving the demand for the medical device market in the forecasting period.

Moreover, the surging prevalence of cancer across the globe influence a positive outlook for the growth of the marketEarly diagnosis of cancer can lead to better treatment and a greater lifespanSome cancer prevention screening tests include different medical imaging tests, screening mammography, and more, thereby augmenting the growth of medical devices across the globeFor instance, as per Global Health Data Exchange, the total number of leukemia cases globally was around 323,913.03 in 2017 and rose to 334,592.26 in 2019Thus, the increase in the prevalence of cancer across the globe will foster medical device market growth.

RestraintsHigh cost of medical devices to restrict the market growth

In the last decade, the medical device industry has seen significant changes in new technology and design, among other factorsHowever, the high cost of these devices, including a higher acquisition cost and subsequent maintenance cost, leads to a higher overall device cost of ownership. Some modern medical devices include additional parts, such as chips, batteries, sensors, and other accessories, that must be replaced regularlyFor instance, in the United States, an insulin pump costs between USD 4,500 and USD 6,500 per device. Furthermore, the entire annual cost of medical device accessories, including batteries, syringes, and other products, is about USD 1500As a result, the patient's total cost of ownership is greaterThus, the availability of higher-cost medical devices products in the market is restraining the market growth.

OpportunitiesTechnological Advancements to Bolster the Medical Devices Industry

The medical device industry has been significantly transformed by 3D printing in the healthcare industryIt enables the development of customized devices for patients since it allows easy design modifications without extra equipment, likely to boost the market growthFurthermore, it employs a range of technologies to quickly construct complex structures, increasing the production of advanced medical devicesThis makes them important for orthopedic implant applications as it allows for the production of long-lasting, high-quality, and optimal-fit implants with improved performance and flexibility.

Furthermore, the use of 3D printing in manufacturing can assist in the development of improved and high-performance surgical instruments like hemostats and forceps, which is likely to drive market growthMedical devices are benefiting from the strong growth of the medical technology industryThe market is projected to increase as new technologies, such as artificial intelligence (AI), improve diagnosisFurthermore, artificial intelligence (AIassists healthcare professionals in remotely monitoring patients via sensors and automating therapy administration through mobile apps.

Scope of the Report

The study categorizes the medical device market based on category, application, sector, end-user, and application at the regional and global levels.

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By Category Outlook (Sales, USD Million, 2017-2027)

  • Diagnostic Devices
    • Electrodiagnostic Devices
    • Radiation Devices
    • Imaging Parts & Accessories
  • Consumables
    • Syringes, Needles & Catheters
    • Bandages & Dressings
    • Suturing Materials
    • Other Consumables
  • Patient Aids
    • Portable Aids
    • Therapeutic Applications
  • Orthopedics and Prosthetics
    • Fixation Devices
    • Artificial Joints
    • Other Artificial Body Parts
  • Dental Products
    • Dental Instrument & Supplies
    • Dental Capital Equipment
  • Patient Monitoring Devices
  • MIS
  • IVD
  • Other Medical Device Categories

By Application Outlook (Sales, USD Million, 2017-2027)

  • Diagnostic Imaging Devices
  • In Vitro Diagnostics (IVDs)
  • Cardiology
  • Orthopedics
  • Ophthalmics
  • Respiratory
  • Urology & Gynecology
  • General and Plastic Surgery
  • Endoscopy
  • Dental
  • Diabetic Care
  • Wound Management
  • Nephrology
  • General Hospital and Healthcare
  • Ear, Nose, and Throat
  • Neurology
  • Robotics Navigation
  • Other Applications

By Sector (Sales, USD Million, 2017-2027)

  • Public
  • Private

By End-Users (Sales, USD Million, 2017-2027)

  • Hospitals & Surgical Centers
  • Clinics
  • Household
  • Other End-Users

By Region Outlook (Sales, USD Million, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The cardiology segment is projected to account for the largest market share by category

Based on category, the global medical device market has been segmented into Diagnostic Imaging Devices, In Vitro Diagnostics (IVDs), Cardiology, Orthopedics, Ophthalmic, Respiratory, Urology & Gynecology, General and Plastic Surgery, Endoscopy, Dental, Diabetic Care, Wound Management, Nephrology, General Hospital and Healthcare, Ear, Nose and Throat, Neurology, Robotics Navigation, and Other ApplicationsThe cardiology segment in the medical devices market holds the largest share of 18.9in 2020.

The major factors driving the growth of the cardiology devices segment are the rising global prevalence of coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac deathsAccording to the article, Prevalence of Cardiovascular Disease in Adults,’ published in February 2020 in the US Pharmacist, in 2018, 30.3 million adults (12.1%) in the United States were diagnosed with cardiovascular diseases.

Asia Pacific accounts for the highest CAGR during the forecast period

The global medical device market has segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & AfricaGlobally, Asia Pacific is estimated to hold the highest CAGR of 7.1in the global medical device market during the forecast periodThe region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia

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